THE DREAMAnd then I saw myself up above the economy, branded as the top businessman in Forbes magazine. I walk down and as I was on the garage, I pulled out a key from my pocket enter it into a keyhole of what it seems to be a luxurious car. Eager as I was, I drove all the way to the bank and ask for my money. Alas! A huge chunk of cash was ready to approach me; I extended my arm to get the hold of it and then … ALARM! ALARM! ALARM!

Woke up, wondering what was that all about. Well, it was a wonderful thought while it lasted but I now needed to snap out of it to prepare for work.

Clinging into that idea, I decided to pursue my life-long dream of becoming an entrepreneur. The point is entrepreneurship starts from a dream, wake up and execute if you want to succeed!

Now after having the dream and being able to wake up to execute, you need to identify yourself which brings us to the question of what is the essence of entrepreneurship?

The essence of entrepreneurship is really many different parts which make up the whole. It isn’t a one dimensional expression but rather a composite of the best key ingredients which take advantage of capitalism and the free enterprise system.

Let’s take a glimpse at three key characters of the essence of entrepreneurship:

1. Innovation
The act or process of introducing new ideas, devices, or methods. Being able to notice and then desire to make changes is an equally important need. Because of that innate or developed ability, you may be able to discover how to produce better quality, bigger profits or more dominance in the marketplace. As a small and nibble business owner these often simple yet profound insights can be the difference between failure and success.

2. Opportunity Seeker
Being able to spot a future market interests or customer trend demands before others ever take notice. In essence you need to have the ability to get a sense of where business is likely to be heading in the coming years.

3. Courage
In order to take the plunge one must overcome and conquer some measure of fear about giving up total stability or security. Therefore an essential necessary element is that of having the courage to get started.

There are a lot of ways and attributes in order to become an entrepreneur. And its essence would differ dependent upon the person whom you ask. In any case, I picked up below some of the answers which pique my interest on Quora and here they are:

“Entrepreneurs are the trailblazers into the ever-changing wilderness of the needs and desires of the global consumer. They adapt by continuing to lean against the edges of their comfort zone. They refuse to be encumbered by the status quo. They are the masters of their own destiny and see themselves as the authors of possibility.”
– Christopher Schuhmacher,

“A desire to change the world (or if you’re Elon Musk, the universe)”
– Mike Moradi

“In essence it is willingness to do something considered not-possible…daring to the extent that he/she takes risk willingly putting a lot on stake….in common man language it is territory only treaded by insane…”
–Chetan Khemlani